AEM - DBS Research 2026-04-29: Chips Are In The Right Place

• Historically, AEM's revenues were closely tied to Intel, driven primarily by its data centre and client computing groups, with demand centred on relatively more traditional server and PC cycles.
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AI capex cycle remains structurally elevated.

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• At the same time, hyperscalers are scaling investment aggressively. After the sharp surge in 2024–2025, hyperscaler capex is projected to grow at a ~8% CAGR over 2025–2032, sustaining a structurally higher investment cycle. This prolonged capex expansion reinforces demand across the broader semiconductor ecosystem and supports the investment case for companies that are exposed to the AI compute supply chain.

Margin expansion and operating leverage to emerge as the business model evolves.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2026-03-20 AEM - Valuation Uplift As AI Tailwinds Persists And New Customer Traction Builds.

Price targets by 2 other brokers at AEM Target Prices.

Listing of research reports at AEM Analyst Reports.

Relevant links:
AEM Share Price History,
AEM Announcements,
AEM Dividend Payout Dates & Corporate Actions,
AEM News